President Jacob Zuma will address the meet alongwith the South African Industry Minister Rob Davies.

BRICS are looking to step up investment cooperation even as capital flight and tumbling currencies have been a recent constraint in emerging markets.

“The meeting will also identify specific measures and initiatives to increase trade, business, manufacturing and investment ties among the BRICS countries and between the BRICS countries and Africa,” Chair of the BRICS Business Council Patrice Motsepe said in the DTI statement.

South African mining magnate Patrice Motsepe was chosen as the first chairperson of the BRICS Business Council.

In a bid to include greater participation of the African Union, the BRICS Business Council has also invited business leaders from 19 other African countries to the maiden meet.

“Africa has an emotional history with BRICS member states,” said Motsepe during the 5th BRICS Summit in Durban in March this year.

The African Union was an observer at the BRICS Summit earlier this year.

The meet will look at removing “barriers or hurdles to growing trade and investment ties amongst the BRICS countries and between the BRICS countries and Africa”, the statement said.

57 founding members, many of them prominent US allies, will sign into creation the China-led Asian Infrastructure Investment Bank on Monday, the first major global financial instrument independent from the Bretton Woods system.

Representatives of the countries will meet in Beijing on Monday to sign an agreement of the bank, the Chinese Foreign Ministry said on Thursday. All the five BRICS countries are also joining the new infrastructure investment bank.

The agreement on the $100 billion AIIB will then have to be ratified by the parliaments of the founding members, Chinese Foreign Ministry spokesman Lu Kang said at a daily press briefing in Beijing.

The AIIB is also the first major multilateral development bank in a generation that provides an avenue for China to strengthen its presence in the world’s fastest-growing region.